{"investigation":{"slug":"anchor-protocol","entity_name":"Anchor Protocol","trust_score":4,"severity_base":null,"score_modifier":0,"confidence":0.95,"status":"published","content_type":"investigation","summary":"Anchor Protocol was a decentralized money market built on the Terra blockchain that offered a near-fixed 20% APY on deposits of the algorithmic stablecoin UST. The advertised yield was structurally unsustainable, requiring repeated multi-hundred-million-dollar cash injections from Terraform Labs to prevent reserve depletion. When UST depegged in May 2022, a bank run on Anchor drained over $14 billion in TVL within days and accelerated the complete collapse of the Terra/Luna ecosystem, destroying an estimated $40 billion in market value.","sections":[{"content":"Anchor Protocol launched on March 17, 2021, developed by Terraform Labs and its research team including Nicholas Platias (Head of Research), Eui Joon Lee, and Harvard Business School Professor Marco Di Maggio. The protocol was positioned as a decentralized savings platform on the Terra blockchain, offering UST depositors a stable yield targeting approximately 20% APY — marketed as a \"low-volatility, high-yield savings\" product. Terraform Labs was co-founded by Do Kwon and Daniel Shin. At its peak in early May 2022, Anchor held approximately $14–18 billion in Total Value Locked (TVL), making it one of the largest DeFi protocols in existence and the dominant sink for circulating UST supply.","heading":"Overview and Background","sources":[{"url":"https://www.cryptoninjas.net/2021/03/17/terraform-labs-launches-anchor-a-low-volatility-high-yield-savings-protocol-on-the-terra-blockchain/","name":"Terraform Labs launches Anchor — CryptoNinjas (March 2021)","type":"news_article","credibility":2},{"url":"https://www.prweb.com/releases/anchor_defis_first_inter_chain_fixed_income_savings_protocol_launches_on_terra/prweb17801690.htm","name":"Anchor Protocol — DeFi's First Inter-Chain Fixed-Income Savings Protocol Launches on Terra (PRWeb)","type":"official","credibility":2}],"severity":"medium"},{"content":"Anchor's ~20% APY was generated from three sources: interest charged to borrowers, staking rewards passed through from borrowers' bonded collateral assets (primarily bLUNA and bETH), and liquidation fees. Borrowers were required to post liquid staking derivative tokens — bLUNA (LUNA bonded with a validator) or bETH (ETH staked in the Beacon Chain) — as collateral, and could borrow up to 60% loan-to-value in UST. The staking rewards on those collateral assets were liquidated into UST and redistributed to depositors. This mechanism created a structural imbalance: deposit demand consistently outpaced borrowing demand, meaning staking yield alone could not cover the promised 20% rate. An Anchor Yield Reserve was established to bridge the gap, but it was funded by Terraform Labs rather than organic protocol revenue, making the fixed rate an ongoing corporate subsidy rather than a market-clearing rate. As of January 30, 2022, Anchor held $5.09 billion in deposits against only $1.28 billion in borrowing — a deposit-to-borrow imbalance of more than 290% — forcing continuous drawdowns on the reserve.","heading":"Yield Mechanism and Structural Unsustainability","sources":[{"url":"https://medium.com/coinmonks/breaking-down-anchors-20-apy-on-ust-7479253013bb","name":"Breaking Down Anchor's 20% APY on UST — Coinmonks / Medium","type":"research","credibility":3},{"url":"https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns","name":"Anchor Protocol Reserves Slide as Money Market's Founder Talks Down Concerns — CoinDesk (January 2022)","type":"news_article","credibility":1},{"url":"https://wantfi.com/terra-luna-anchor-protocol-savings-account.html","name":"Anchor Protocol's Unsustainable 20% Yield — WantFI","type":"research","credibility":3},{"url":"https://medium.com/@frikadelki/anchor-protocol-not-your-ordinary-money-market-8c7bd74e91bd","name":"Anchor Protocol — Not Your Ordinary Money Market — Medium","type":"research","credibility":3}],"severity":"critical"},{"content":"The yield reserve first approached depletion in July 2021, prompting Terraform Labs to inject $70 million UST to avert a rate cut. By late January 2022, the reserve had declined by 35.7% in a single week to roughly $35.7 million as deposit inflows dramatically outpaced borrowing. In response, the Luna Foundation Guard passed a proposal on February 10, 2022 and executed a further injection of $450 million UST into the yield reserve on approximately February 18, 2022, extending the protocol's runway at the high rate by an estimated additional year. In March 2022, Anchor governance passed Proposal 20 (\"semi-dynamic earn rate\"), which replaced the fixed 20% rate with a monthly adjustment mechanism: the rate would move up or down by up to 1.5% depending on whether the yield reserve grew or shrank by 5%. Despite this patch, the dynamic rate mechanism had not materially altered the reserve trajectory before the May 2022 collapse occurred. These repeated bailouts were publicly acknowledged by Do Kwon and reflected structural reliance on Terraform Labs' LUNA-denominated balance sheet to sustain user yields.","heading":"Reserve Injections and Governance Interventions","sources":[{"url":"https://cointelegraph.com/news/terra-injects-450m-ust-into-anchor-reserve-days-before-protocol-depletion","name":"Terra injects 450M UST into Anchor reserve days before protocol depletion — CoinTelegraph (February 2022)","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns","name":"Anchor Protocol Reserves Slide as Money Market's Founder Talks Down Concerns — CoinDesk (January 2022)","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/markets/2022/03/25/anchor-protocol-will-readjust-interest-rates-each-month-anc-falls-by-5","name":"Anchor Protocol Will Readjust Interest Rates Each Month — CoinDesk (March 2022)","type":"news_article","credibility":1},{"url":"https://cointelegraph.com/news/anchor-protocol-s-reserves-head-toward-depletion-due-to-lack-of-borrowing-demand","name":"Anchor protocol's reserves head toward depletion — CoinTelegraph","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Prior to the May 2022 collapse, approximately 72–76% of all circulating UST was deposited into Anchor Protocol. This extreme concentration meant that Anchor's yield was the primary demand driver for UST itself: users minted UST (by burning LUNA) specifically to capture the 20% rate, rather than for transactional use. This created a reflexive and fragile dependency — UST demand was predicated on the perpetuation of a subsidized yield that Terraform Labs could not indefinitely fund. Academic research published by the National Bureau of Economic Research (Liu, Makarov, and Schoar, NBER Working Paper No. 31160, 2023) concluded that the run on Anchor was \"precipitated by growing concerns about the sustainability of the system\" rather than isolated market manipulation, and that blockchain transparency amplified the speed of withdrawal contagion once large holders began moving. The SEC, in its February 2023 complaint against Terraform Labs and Do Kwon, explicitly alleged that Anchor's advertised 20% yield was a central feature of an investor fraud scheme, characterizing UST as a \"yield-bearing stablecoin\" marketed deceptively to retail investors.","heading":"Role in Destabilizing UST","sources":[{"url":"https://www.nber.org/papers/w31160","name":"Anatomy of a Run: The Terra Luna Crash — NBER Working Paper No. 31160 (Liu, Makarov, Schoar 2023)","type":"research","credibility":1},{"url":"https://www.sec.gov/newsroom/press-releases/2023-32","name":"SEC Charges Terraform and CEO Do Kwon with Defrauding Investors — SEC.gov (February 2023)","type":"regulatory","credibility":1},{"url":"https://www.cnbc.com/2023/02/16/sec-charges-do-kwon-with-fraud-in-connection-with-terra-collapse.html","name":"SEC charges Do Kwon, Terraform with fraud — CNBC (February 2023)","type":"news_article","credibility":1},{"url":"https://corpgov.law.harvard.edu/2023/05/22/anatomy-of-a-run-the-terra-luna-crash/","name":"Anatomy of a Run: The Terra Luna Crash — Harvard Law School Corporate Governance Blog (May 2023)","type":"research","credibility":1}],"severity":"critical"},{"content":"On May 7, 2022, two large addresses withdrew approximately 375 million UST from Anchor, and a separate 85 million UST was swapped for USDC on-chain, pushing UST slightly below its $1 peg to approximately $0.985. On May 8–9, approximately $3 billion in UST was withdrawn from Anchor, with UST falling as low as $0.91. On May 9 alone, approximately 5 billion UST — representing roughly 35% of all UST deposited on Anchor — was withdrawn in a single day. As UST holders exited, the Terra algorithmic mechanism required burning UST to mint new LUNA, but the rate of UST redemptions overwhelmed LUNA's absorptive capacity, causing LUNA's price to collapse and triggering a hyperinflationary death spiral: LUNA supply expanded from approximately 1 billion tokens to over 6 trillion within three days as the price collapsed from approximately $80 to nearly zero. By May 11, over $11 billion UST had been withdrawn from Anchor. Anchor's TVL fell from roughly $14–18 billion to below $30 million within days. UST fell to $0.23 by May 11 and ultimately to near zero. The total estimated market value destruction across the Terra ecosystem was approximately $40 billion.","heading":"Collapse Timeline: May 2022","sources":[{"url":"https://www.nber.org/papers/w31160","name":"Anatomy of a Run: The Terra Luna Crash — NBER Working Paper No. 31160","type":"research","credibility":1},{"url":"https://ecos.am/en/blog/terra-luna-crash-complete-breakdown-of-the-luna-and-ust-algorithmic-stablecoin-implosion","name":"Terra Luna Crash: Complete Breakdown — ECOS.am","type":"news_article","credibility":2},{"url":"https://calebandbrown.com/blog/a-week-of-terra-ust-and-luna-collapse-explained/","name":"A Week of Terra: The UST & LUNA Collapse Explained — Caleb & Brown","type":"news_article","credibility":2},{"url":"https://blockapps.net/blog/what-caused-the-depeg-of-terrausd-an-in-depth-analysis-of-its-collapse/","name":"What Caused the Depeg of TerraUSD? — BlockApps","type":"research","credibility":2}],"severity":"critical"},{"content":"On February 16, 2023, the SEC filed a complaint in the Southern District of New York against Terraform Labs and Do Kwon, charging both with securities fraud and alleging they had \"orchestrated a multi-billion dollar crypto asset securities fraud.\" The complaint specifically cited Anchor Protocol's 20% yield as a material element of the alleged fraud, arguing that UST was marketed deceptively as a yield-bearing stablecoin without disclosing the structural dependence on subsidies. On June 13, 2024, following a unanimous jury verdict holding Terraform Labs liable, Terraform Labs and Do Kwon agreed to pay over $4.5 billion in a settlement with the SEC, comprising approximately $3.59 billion in disgorgement, $467 million in prejudgment interest, and a $420 million civil penalty. Terraform also agreed to wind down operations and distribute remaining assets to victims. Separately, Do Kwon was extradited to the United States and, on December 12, 2025, was sentenced to 15 years in federal prison by U.S. District Judge Paul A. Engelmayer, who described the scheme as an \"epic fraud.\" The sentence exceeded prosecutors' requested minimum of 12 years.","heading":"Regulatory Actions and Legal Outcomes","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2023-32","name":"SEC Charges Terraform and CEO Do Kwon with Defrauding Investors — SEC.gov (February 2023)","type":"regulatory","credibility":1},{"url":"https://www.sec.gov/newsroom/press-releases/2024-73","name":"SEC Terraform and Kwon to Pay $4.5 Billion Following Fraud Verdict — SEC.gov (June 2024)","type":"regulatory","credibility":1},{"url":"https://www.theblock.co/post/382204/terraform-labs-founder-do-kwon-sentenced-to-15-years-over-40-billion-terra-luna-collapse-inner-city-press","name":"Terraform Labs founder Do Kwon sentenced to 15 years — The Block (December 2025)","type":"news_article","credibility":2},{"url":"https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud","name":"Crypto-Enabled Fraudster Sentenced for Orchestrating $40 Billion Fraud — DOJ SDNY","type":"court_filing","credibility":1},{"url":"https://www.nbcnews.com/world/asia/crypto-founder-kwon-sentenced-15-years-prison-40-billion-collapse-rcna248790","name":"Do Kwon sentenced to 15 years in prison over $40 billion collapse — NBC News","type":"news_article","credibility":1}],"severity":"critical"},{"content":"Following the UST depeg, Anchor Protocol governance passed a vote to halt both earning and borrowing functions on the protocol. The protocol's native governance token, ANC, collapsed alongside the broader Terra ecosystem and has no material trading value. Anchor's smart contracts remain deployed on the defunct Terra Classic chain but are no longer operational in any meaningful economic sense. The Terra chain was halted multiple times during the crisis — on May 12, 2022, the Terra blockchain was paused at block 7,603,700 — before being relaunched as \"Terra Classic\" (LUNC). A replacement chain, Terra 2.0, was launched without UST, effectively abandoning the algorithmic stablecoin model that Anchor depended upon. Anchor Protocol was not relaunched on Terra 2.0 in any form that recovered depositor funds.","heading":"Protocol Shutdown and Community Response","sources":[{"url":"https://cryptoslate.com/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing/","name":"Terra's Anchor Protocol Users Vote to Halt 'Earning and Borrowing' — CryptoSlate","type":"news_article","credibility":2},{"url":"https://coinchapter.com/is-anchor-protocol-anc-really-dead/","name":"Is Anchor Protocol (ANC) Really Dead? — CoinChapter","type":"news_article","credibility":2},{"url":"https://en.wikipedia.org/wiki/Terra_(blockchain)","name":"Terra (blockchain) — Wikipedia","type":"other","credibility":2}],"severity":"high"}],"timeline":[{"date":"2021-03-17","event":"Anchor Protocol launches on the Terra blockchain, offering approximately 20% APY on UST deposits.","source":"CryptoNinjas","source_url":"https://www.cryptoninjas.net/2021/03/17/terraform-labs-launches-anchor-a-low-volatility-high-yield-savings-protocol-on-the-terra-blockchain/"},{"date":"2021-07","event":"Terraform Labs injects $70 million UST into the Anchor yield reserve after it approaches depletion for the first time.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns","date_original":"2021-07-01"},{"date":"2022-01-28","event":"CoinDesk reports the Anchor yield reserve has declined 35.7% in one week to approximately $35.7 million; deposit-to-borrow ratio exceeds 290%.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns"},{"date":"2022-02-10","event":"Luna Foundation Guard passes proposal to inject $450 million UST into Anchor's yield reserve to prevent imminent depletion.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/terra-injects-450m-ust-into-anchor-reserve-days-before-protocol-depletion"},{"date":"2022-02-18","event":"Terraform Labs executes the $450 million UST injection into the Anchor yield reserve.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/terra-injects-450m-ust-into-anchor-reserve-days-before-protocol-depletion"},{"date":"2022-03-25","event":"Anchor governance passes Proposal 20, implementing a semi-dynamic earn rate with monthly adjustments of up to 1.5% based on yield reserve performance.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2022/03/25/anchor-protocol-will-readjust-interest-rates-each-month-anc-falls-by-5"},{"date":"2022-05-07","event":"Two large addresses withdraw approximately 375 million UST from Anchor; a separate swap of 85 million UST for USDC is recorded on-chain. UST slips to $0.985.","source":"NBER Working Paper No. 31160","source_url":"https://www.nber.org/papers/w31160"},{"date":"2022-05-08","event":"Accelerating withdrawals from Anchor; approximately $2.3 billion UST pulled. UST falls to approximately $0.91.","source":"Caleb & Brown","source_url":"https://calebandbrown.com/blog/a-week-of-terra-ust-and-luna-collapse-explained/"},{"date":"2022-05-09","event":"Approximately 5 billion UST (35% of all UST deposited on Anchor) withdrawn in a single day. UST depeg accelerates.","source":"NBER Working Paper No. 31160","source_url":"https://www.nber.org/papers/w31160"},{"date":"2022-05-11","event":"Over $11 billion UST withdrawn from Anchor cumulatively. UST trades at $0.23. LUNA supply expands hyperinflationally from ~1 billion to over 6 trillion tokens.","source":"NBER Working Paper No. 31160 / CoinCodex","source_url":"https://www.nber.org/papers/w31160"},{"date":"2022-05-12","event":"Terra blockchain halted at block 7,603,700. Anchor Protocol governance votes to halt all earning and borrowing activity.","source":"CryptoSlate","source_url":"https://cryptoslate.com/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing/"},{"date":"2022-05-31","event":"Anchor TVL falls below $30 million — down from approximately $14–18 billion at peak. Total Terra ecosystem losses estimated at approximately $40 billion.","source":"CoinChapter / CoinCodex","source_url":"https://coinchapter.com/is-anchor-protocol-anc-really-dead/"},{"date":"2023-02-16","event":"SEC files fraud charges against Terraform Labs and Do Kwon in the Southern District of New York, specifically citing Anchor's 20% UST yield as a key element of alleged investor deception.","source":"SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2023-32"},{"date":"2024-06-13","event":"Terraform Labs and Do Kwon agree to pay $4.5 billion to settle SEC fraud charges following a unanimous jury verdict. Terraform agrees to wind down operations.","source":"SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2024-73"},{"date":"2025-12-12","event":"Do Kwon sentenced to 15 years in federal prison by U.S. District Judge Paul A. Engelmayer for orchestrating a $40 billion fraud.","source":"NBC News / DOJ SDNY","source_url":"https://www.nbcnews.com/world/asia/crypto-founder-kwon-sentenced-15-years-prison-40-billion-collapse-rcna248790"}],"sources_used":[{"url":"https://www.sec.gov/newsroom/press-releases/2023-32","name":"SEC Charges Terraform and CEO Do Kwon with Defrauding Investors — SEC.gov (February 2023)","type":"regulatory","archive_url":"http://web.archive.org/web/20251209104533/https://www.sec.gov/newsroom/press-releases/2023-32","credibility":1,"archive_timestamp":"2025-12-09T10:45:33+00:00"},{"url":"https://www.sec.gov/newsroom/press-releases/2024-73","name":"SEC — Terraform and Kwon to Pay $4.5 Billion Following Fraud Verdict (June 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2023)","type":"research","archive_url":"http://web.archive.org/web/20260714124721/https://www.nber.org/papers/w31160","credibility":1,"archive_timestamp":"2026-07-14T12:47:21+00:00"},{"url":"https://corpgov.law.harvard.edu/2023/05/22/anatomy-of-a-run-the-terra-luna-crash/","name":"Anatomy of a Run: The Terra Luna Crash — Harvard Law School Corporate Governance Blog","type":"research","archive_url":"http://web.archive.org/web/20260604120700/https://corpgov.law.harvard.edu/2023/05/22/anatomy-of-a-run-the-terra-luna-crash/","credibility":1,"archive_timestamp":"2026-06-04T12:07:00+00:00"},{"url":"https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns","name":"Anchor Protocol Reserves Slide — CoinDesk (January 2022)","type":"news_article","archive_url":"http://web.archive.org/web/20260708112450/https://www.coindesk.com/markets/2022/01/28/anchor-protocol-reserves-slide-as-money-markets-founder-talks-down-concerns","credibility":1,"archive_timestamp":"2026-07-08T11:24:50+00:00"},{"url":"https://www.coindesk.com/markets/2022/03/25/anchor-protocol-will-readjust-interest-rates-each-month-anc-falls-by-5","name":"Anchor Protocol Will Readjust Interest Rates Each Month — CoinDesk (March 2022)","type":"news_article","archive_url":"http://web.archive.org/web/20250818015701/https://www.coindesk.com/markets/2022/03/25/anchor-protocol-will-readjust-interest-rates-each-month-anc-falls-by-5","credibility":1,"archive_timestamp":"2025-08-18T01:57:01+00:00"},{"url":"https://cointelegraph.com/news/terra-injects-450m-ust-into-anchor-reserve-days-before-protocol-depletion","name":"Terra injects 450M UST into Anchor reserve — CoinTelegraph (February 2022)","type":"news_article","archive_url":"http://web.archive.org/web/20260207230828/https://cointelegraph.com/news/terra-injects-450m-ust-into-anchor-reserve-days-before-protocol-depletion","credibility":2,"archive_timestamp":"2026-02-07T23:08:28+00:00"},{"url":"https://cointelegraph.com/news/anchor-protocol-s-reserves-head-toward-depletion-due-to-lack-of-borrowing-demand","name":"Anchor protocol's reserves head toward depletion — CoinTelegraph","type":"news_article","archive_url":"https://web.archive.org/web/20260724221501/https://cointelegraph.com/news/anchor-protocol-s-reserves-head-toward-depletion-due-to-lack-of-borrowing-demand","credibility":2,"archive_timestamp":"2026-07-24T22:15:01+00:00"},{"url":"https://www.nbcnews.com/world/asia/crypto-founder-kwon-sentenced-15-years-prison-40-billion-collapse-rcna248790","name":"Do Kwon sentenced to 15 years in prison — NBC News (December 2025)","type":"news_article","archive_url":"http://web.archive.org/web/20260504173524/https://www.nbcnews.com/world/asia/crypto-founder-kwon-sentenced-15-years-prison-40-billion-collapse-rcna248790","credibility":1,"archive_timestamp":"2026-05-04T17:35:24+00:00"},{"url":"https://www.theblock.co/post/382204/terraform-labs-founder-do-kwon-sentenced-to-15-years-over-40-billion-terra-luna-collapse-inner-city-press","name":"Terraform Labs founder Do Kwon sentenced to 15 years — The Block (December 2025)","type":"news_article","archive_url":"http://web.archive.org/web/20260304133307/https://www.theblock.co/post/382204/terraform-labs-founder-do-kwon-sentenced-to-15-years-over-40-billion-terra-luna-collapse-inner-city-press","credibility":2,"archive_timestamp":"2026-03-04T13:33:07+00:00"},{"url":"https://www.cnbc.com/2023/02/16/sec-charges-do-kwon-with-fraud-in-connection-with-terra-collapse.html","name":"SEC charges Do Kwon, Terraform with fraud — CNBC (February 2023)","type":"news_article","archive_url":"http://web.archive.org/web/20260723021133/https://www.cnbc.com/2023/02/16/sec-charges-do-kwon-with-fraud-in-connection-with-terra-collapse.html","credibility":1,"archive_timestamp":"2026-07-23T02:11:33+00:00"},{"url":"https://ecos.am/en/blog/terra-luna-crash-complete-breakdown-of-the-luna-and-ust-algorithmic-stablecoin-implosion","name":"Terra Luna Crash: Complete Breakdown — ECOS.am","type":"news_article","archive_url":"http://web.archive.org/web/20260513072358/https://ecos.am/en/blog/terra-luna-crash-complete-breakdown-of-the-luna-and-ust-algorithmic-stablecoin-implosion","credibility":2,"archive_timestamp":"2026-05-13T07:23:58+00:00"},{"url":"https://cryptoslate.com/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing/","name":"Terra's Anchor Protocol Users Vote to Halt Earning and Borrowing — CryptoSlate","type":"news_article","archive_url":"http://web.archive.org/web/20260418231526/https://cryptoslate.com/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing/","credibility":2,"archive_timestamp":"2026-04-18T23:15:26+00:00"},{"url":"https://www.cryptoninjas.net/2021/03/17/terraform-labs-launches-anchor-a-low-volatility-high-yield-savings-protocol-on-the-terra-blockchain/","name":"Terraform Labs launches Anchor — CryptoNinjas (March 2021)","type":"news_article","archive_url":"http://web.archive.org/web/20260415013446/https://www.cryptoninjas.net/2021/03/17/terraform-labs-launches-anchor-a-low-volatility-high-yield-savings-protocol-on-the-terra-blockchain/","credibility":2,"archive_timestamp":"2026-04-15T01:34:46+00:00"},{"url":"https://calebandbrown.com/blog/a-week-of-terra-ust-and-luna-collapse-explained/","name":"A Week of Terra: The UST & LUNA Collapse Explained — Caleb & 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